In a Forbes article from several years ago titled “The Five Phases of Retirement Planning,” Bernard Krooks, an elder law attorney, outlined stages of retirement and practical steps seniors should take to prepare for each one. Krooks describes “mid-retirement” as beginning around age 70 and lasting while a person remains active and largely independent. During this phase—when health and decision-making capacity are typically intact—he recommends deciding in advance what choices you would want family or caregivers to make if your mental or physical health were to decline.
The article also defines a “late-phase” of retirement: the period after health begins to deteriorate and a person needs significant daily help. Krooks emphasizes that the goal of early planning is to make this transition manageable and life-affirming, relying on arrangements made in prior years to reduce stress and uncertainty.
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A longer life means a longer retirement
As Baby Boomers retire and medical advances extend lifespans, the population of older Americans is growing. Life expectancy has increased substantially over recent decades: in 1960, average life expectancy in the U.S. was about 66.6 years for men and 73.1 years for women; by 2015 those averages were roughly 76.3 for men and 81.2 for women. Today, a healthy 70-year-old can often expect to live another 10 to 15 years on average—and many will live longer—frequently with at least some need for assistance such as long-term care services.
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Longer lifespans and the potential need for extended care mean planning for the later phases of retirement requires more foresight than in prior generations. Despite that, families and even financial advisors often do not make proactive, specific plans for this stage of life. The common result is a reactive response when health issues arise: families scramble to find suitable care, make quick decisions about living arrangements, and manage complex logistics under emotional and time pressure.
This scenario frequently plays out when a senior develops a sudden health problem. Spouses, adult children, or other family members often shift into crisis-management mode, urgently researching care options regardless of their availability, capacity, or emotional readiness. Many people have experienced something similar with aging parents or relatives.
The most important choice in your retirement plan
If you are approaching or already in mid-retirement, now is an ideal time to plan for late-retirement needs while you are active and able to make decisions. Delaying these decisions can leave you and your loved ones with difficult and often costly choices later on.
One particularly important and sometimes complex decision is where to live as care needs increase. Today’s options include staying in your current home, moving to a 55+ community, or choosing a continuing care retirement community (CCRC), also called a life plan community, which offers a continuum of care on a single campus as needs change.
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When evaluating senior living, remember that paying for care and accessing appropriate care are separate considerations. You may have long-term care insurance or substantial savings to help pay for services, but funding does not by itself guarantee access to the right care in the right setting when you need it.
This difference is one reason CCRCs appeal to many people. After an initial entry fee, residents generally move into independent living and receive services such as housekeeping, home maintenance, and at least one meal per day as part of a monthly fee. If health issues arise, higher levels of care are available within the same community, providing both practical assistance and peace of mind for residents and their families.
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Making your plan
There is no simple plan that covers every possible retirement scenario, but you can prepare for many common situations that arise with age. To reduce uncertainty and avoid rushed decisions later, consider these three practical steps:
- Research and understand the range of senior living options available to you, from aging in place to CCRCs.
- Weigh the pros and cons of each option in terms of lifestyle, care availability, and cost.
- Have detailed conversations with family members, medical providers, and professional advisors—legal, financial, and care experts—so everyone understands your wishes and the practical implications.
Following these steps can help you and your loved ones anticipate challenges, reduce stress, and make more confident decisions as needs change. If you want to begin researching CCRCs in your area, using a local community search tool can be a helpful starting point to compare options and gather information for further planning.